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May 8, 2025 Source: Nutrien news release SASKATOON, Saskatchewan -- Nutrien Ltd. (TSX and NYSE: NTR) announced today its first quarter 2025 results, with net earnings of $19 million ($0.02 diluted net earnings per share). First quarter 2025 adjusted EBITDA1 was $0.9 billion and adjusted net earnings per share1 was $0.11. "In the first quarter, Nutrien delivered strong potash sales volumes, increased ammonia operating rates and positioned our downstream retail network for a strong expected spring planting season in North America. Global fertilizer market fundamentals have strengthened supported by growing demand and tight supplies, providing a positive outlook for our business in 2025," commented Ken Seitz, Nutrien's President and CEO. "Our world-class asset base and resilient business is built to generate free cash flow in a range of market conditions. We continue to focus on actions within our control and are taking a disciplined and intentional approach to capital allocation, prioritizing high-value investment opportunities, divesting non-core assets and returning cash to shareholders," added Mr. Seitz. Highlights: *Retail adjusted EBITDA decreased to $46 million in the first quarter of 2025 as weather-related delays impacted sales and margins in the US and Australia, which more than offset lower expenses and higher seed margins. *Potash adjusted EBITDA decreased to $446 million in the first quarter of 2025 due to lower net selling prices in North America. Sales volumes in the first quarter were similar to the record volumes delivered in the same period in 2024. *Nitrogen adjusted EBITDA decreased to $408 million in the first quarter of 2025 due to higher natural gas costs and lower equity earnings from Profertil S.A., partially offset by higher net selling prices. Our operations delivered a record ammonia operating rate3of 98 percent in the first quarter, achieved through less maintenance downtime and improved reliability at our sites. *Divested our remaining ownership position in Sinofert Holdings Limited for total proceeds of $223 million in the fourth quarter of 2024 and first quarter of 2025, providing incremental cash flow to allocate to high conviction capital allocation priorities that are core to our long-term strategy. *Repurchased 3.6 million shares in 2025 for a total of $188 million, as of May 6, 2025. *2025 full-year guidance ranges have been maintained and reflect expectations for growth in upstream fertilizer volumes, higher downstream Retail earnings and lower capital expenditures. 1. This is a non-GAAP financial measure. See the "Non-GAAP Financial Measures" section. All references to per share amounts pertain to diluted net earnings per share, unless otherwise noted. 2. Our discussion of highlights set out on this page is a comparison of the results for the three months ended March 31, 2025 to the results for the three months ended March 31, 2024, unless otherwise noted. 3. Excludes Trinidad and Joffre. Market Outlook and Guidance Agriculture and Retail Markets We expect US crop input demand will be supported by acreage shifts in 2025, with corn planted area expected to increase to approximately 95 million acres and soybean plantings to decline to approximately 83 million acres. Fertilizer application rates in the second quarter have been strong as farmers focus on maximizing yield potential. Brazilian soybean prices have been supported by strong international demand. Favorable prospective soybean margins and increased projected planted acreage are expected to support strong Brazilian crop input demand in the second half of 2025. Low precipitation levels in the key cropping regions of Australia led to delayed crop input demand. Timely rains will be required to support winter crop planting and crop input demand. Crop Nutrient Markets Global potash demand has remained strong in 2025 and tight supply has supported potash price increases in all key spot markets. We have maintained our 2025 full-year potash shipment forecast of 71 to 75 million tonnes. The high end of the range captures the potential for strong underlying global consumption and the lower end captures the potential for reduced global supply availability. Global urea supply and demand has tightened in 2025, driven by strong seasonal demand in North America and Europe, combined with Chinese urea export restrictions and unplanned outages in key producing regions. US urea and UAN prices have also been supported by low domestic inventories, trade flow shifts and constrained logistics. Global ammonia prices have weakened in 2025 due to the expectations for new export capacity in the US and Russia and macroeconomic uncertainty that has impacted industrial demand. Phosphate markets continue to be tight due to limited supply, including ongoing Chinese export restrictions. We anticipate that global shipments in 2025 will be constrained by supply availability and weaker grower affordability for phosphate fertilizer could impact demand. To read the entire report click here. Tweet |
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